580
2 571
bloð s gnidstidates to villidssivbe edź of es muöneromel
•gnoX gnoH at yonervo
edj to visjerosā edt of bebrawrot I „SOBI redmooed biê§ ¤O
alde no awelv ym to Jusmstaje zatwollol edt svisamʊ0 to redman)
-:alv „Jostɗje
jqeone astutavos IIs not construo blog a to trovet ni ma I"
blog s 10 yonettuo blog a rediis atqoba antɗd Ikinu yoN gaol zot
sgaadoxe erit,gnoX groß al vonetivo blog a bajgoba ew II
.bisbaate
nt assotsud rledt ob bra redonend asqo of nevirb ed binow edneď
aeenland recito „zaenlaud ined to stuttagsb edź di le bas „notme)
-zubal bra ebærd edt Jødt eď binow Jiuɛer eɗt bos,wolfot binOW
to beqaq all „wold stevea s tetive kiwow gnoX gпoH to seİTİ
I bra,enottsbauot Jägila viev noqu illud need asd ynofod sist
.di gattrøm to dair yas galanti at satw ed hluoda ew Xaidt Joa ob
Tot moinedino on at ob od sbloeb van eroqsgnië reVOJBNE"
.ered saad) mort Jaerottib era ereɗt anoitibaoo edT .goй goн
am dud,bishnets blog s galev sshijavos noqu basqeb vitsido vent
.visviauioxe revite gatau vidaưoo a noqu
oɗw anasm ejatskom to siqosq saodt diłw szidisqwys ylist I*
.gaivil to Jaod bezsetoni to erweserg æft Lost yinsiuoktisq
bas nesti evad ered duo esgar,Tisroqmed vino ed Iltw „ISYSWOŃ
bne „elist tallob to su£ay gaiIzeja sɗð as salt of euniJnos Itw
bib od nad♪ emod timen of aasi raffob aid not bevisset nam e It
dolde dite atslíob srom svad,bnad tedjo edd no,Iliw od
,orolod
al jt es beơiɗ es salamsı golds aɗð oa ‚eonettimer sid tuɗ of
Iliw,Anidi I ‚oa,alist usvila to sulav gailueta sɗt nå
s at dgodt bas seltihommos bre quodal to anslIob ni Jeos edi
SeedT .salı „YJisqorq reddo bra baal to ‚aqadısq serjob reaaai
-il ed3 Iltnu asvleamedt Jauths of sumiinos audo IIiw anoltibooo
.*bedoser al,won tto net viev od Jonnao doldw,Jim
erow doldw ajasmugis edt berebiɛnos viisterao sonla evad I
ni sredjo bas xosli¥ ‚atstvel¶,emodel erɛɛək yɗ biswiol jug
favour of a gold standard at the meeting of the Chamber of Com- merce held on 19th February, 1903, but am still or the opinion that it would not be to the interests of this Colony, which de- pends so greatly on its trade with China, to have a gold stand ard until that country's currency is also placed on a gold basis.
Mr. Osborne says "One and all admit that a great loss has
taken place in the shrinkage of Capital and in Investments"
he means, of course, measured in gold but I am inclined to doubt
if there has really been any loss. The gold value of the dollar
is certainly less, but supposing a capitalist to have accumulated
today $100,000. worth say 18/8d each, it by no means follows
-
that he would have accumulated as many dollars if the value of the dollar had remained at say 3a/-. On the contrary, the lower
dollars fall in value, the more plentiful they must become and
with salaries and rents double and treble what they formerly
were the easier it must be to accumulate capital in dollars. Let
us suppose a steamship company with a capital of $1,000,000, form-
ed ten years ago. According to Mr. Osborne's statement, this
company would have suffered a great loss by shrinkage of the gold
value of its capital. But nothing of the kind would in reality
have happened for the capital would be invested at once in stea-
mers and as the dollar has fallen in recent years, the dollar
value of steamers out here (or of the plant and machinery in the
case of a factory) has risen so that the shrinkage in the nominal
capital is recovered in the increased value of the company's assets
which are its real capital, (less of course its liabilities).
Farther on he speaks of changing the face value of scrip into
sterling, so it is evidently the nominal capital he is thinking
about. That has, however, been invested in the Company's pro-
perty and no alteration in its face value can make any practical
difference to the shareholders.
Mr. Osborne also says that a depreciated dollar means in-
creased expenditure no doubt,- but increased expenditure has
been met by increased salaries and wages all round, so there again
there has been no actual loss. On the other hand, a depreciated